Blockchain Based startup, Owo Set to Disrupt High-Interest Payday Loan

Meje Tuyo, a Nigerian is set to disrupt high interest Payday lending with Owo, a blockchain based startup that would act as an intermediate for customers who need to build their credit. Owo which means “money” in the West African language of Yoruba is set to debut this fall. Owo is is a technology company offering financial services aimed at helping its users avoid the traditional payday loan industry.

CEO of Owo Meje Tuyo will first be addressing the challenges of African Americans since they have the highest population of workers relying more on payday loans than other groups. Tuyo explains, “The focus is to use blockchain to address some fundamental economic issues for, largely, African Americans…That pain point usually starts with economics, currency and access to capital.”

The company has plans to launch Pazima, an app which will allow its users to make request for loans which will be automatically be repaid when they receive their paychecks. According to Tuyo, loan repayment will be triggered through smart contracts running on the Ethereum platform that will be automatically triggered when certain programmed conditions are met.However, Interest rates will vary depending on the bank, but will be up to 400 percent lower than the usual payday loan rates. Also, participating banks will be able to determine and program their own underwriting rules that will determine the taking the loan. Tuyo explains, “Their income, payments made to the bank, are recorded in the ledger, and simply by connecting to the blockchain banks can see all that information and make a fair assessment of that individual.” Tuyo has revealed that he is currently in talks with companies such as Walmart to include Owo as part of its employee benefit. Tuyo added, “Payday loan sharks make a ton of money on the backs of people who just don’t have it. Our goal is to disrupt this industry and to deliver economic equity to the people who need it most.”

What do you think about Owo payday loan plan? Share your opinion with us in the comment section below.

Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Vice Industry Token Rewards All Stakeholders in the Adult Industry

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At a time when adult content generates 30% of all traffic online, very little money is actually generated back to content owners and producers and not one penny goes to the viewer.

Vice token has completely replaced the current commercial model with something revolutionary, disruptive and elegant. A model where all parties involved from the producers to consumers get paid.

Disruption

This is the next stage in the evolution of online television and video with the revolution and disruption using blockchain and a cryptotcurrency called the Vice Industry Token.

The adult entertainment industry is leading the way and the future of our industry lies in recognizing that consumer attention is a valuable an scare resource in and effectively, and entirely new economy- the Attention Economy.

The Attention Economy

In the attention economy, content producers, curators and consumers all get paid for their participation. Content is produced, tagged by a blockchain enabled platform and curated by channel owners. Consumers view these contents for free in exchange for engaging with it in a specific ways. For example, commenting, up-voting or simply viewing a video for a set period of time.

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These digital engagement, generate a proprietary cryptocurrency called the Vice Industry Token. Which is then used to compensate viewers, curators and producers for their participation. The attention pays producers for content consumption even in cases where their content is mashed up or other wise re-used. This leads them to invest in creating better quality content that appeals to consumers. Popular content creates higher engagement levels, which generates more revenue and the cycle continues.

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5 Lies Frequently Told About Bitcoin and The Truth You Need to know

Since its creation in 2009, Bitcoin has gained a lot of popularity. However, with this popularity comes some “untruths” that some people or authorities spread. Gaius, in his recently published book, takes a look at 5 lies that are frequently told about Bitcoin.

1.Bitcoin is MMM: No, Bitcoin is not related to any Ponzi scheme. It is a digital currency and not a pyramid scheme where you rob Peter to pay Paul.

2. Bitcoin will make you rich instantly: this is a total lie. It took me 5 years to gain profit from my initial investment in Bitcoin. If you want to get rich instantaneously bitcoin isn’t for you.

3. To own Bitcoin, you must “buy at least one Whole Bitcoin”. This is not true as Bitcoins are divisible to eight decimal places, or 1/100 millionth of a bitcoin called satoshis. This means you can own bitcoin worth a thousand naira or even a hundred naira.

4. Bitcoins does not have any intrinsic value: Most people fear that Bitcoin lacks value because it’s supply is finite but this is a lie as Bitcoins offers a safer, faster, cheaper transaction network. Since people utilise it for transactions, it has value.

5. Bitcoin can be used for illegal activities more than cash: This is a lie because Bitcoin can be easily traced and offers less anonymity than cash. So while criminals prefer cash, investigators prefer Bitcoin as it is easier to catch these criminals.

These excerpts are from his my best selling book “How Bitcoin Changed My Life” now on Amazon. Get a copy.

Do you share similar views with Gaius? If yes what other lie would you like to add to this list? If no what is your take on the topic? Drop your opinions in the comment section

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Lucky Uwakwe shares his views on African governments and Blockchain adoption with Cryptotvplus.

It is no news that a lot of enthusiasts in the blockchain space only show commitment to the projects they handle or the ones which give them maximum returns. It is not everyday you get to meet an enthusiast in the space who is quite passionate about getting the government on board this moving train.

Interestingly, in a recent article published by CryptoTVPlus, some African governments are already piqued by blockchain.

However, Lucky Uwakwe is positive that all African governments will finally come to terms with the versatility of the blockchain in the nearest future.

Here is an overview of the conversation we had with Lucky Uwakwe:

In your own words, what would you say blockchain is?

Blockchain is a persistent record of ownership transfer, that is publicly available for examination by all aspects of people. It is permission less to use and no trust is required toward any third party when using it. It is immutable.

In a few words tell us about your journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency?

I learnt about bitcoin and blockchain from research in the CYPHERPUNK community, during an online research in 2008, but I never fully grasp the importance until about 2010/2011 with bitcoin and the Mt gox exchange (magic the gathering of exchange) after that I use to read Vitalik Buterin(ethereum founder) Articles on bitcoin blockchain back then, when he was a writer on bitcoin

In what areas of blockchain are you most passionate?

Education and Consulting with Service of smooth user friendly digital exchange.

What is your product all about? What challenges or problems have you identified? How will your innovation use the blockchain to solve these problems?

CURRENTLY as I speak, we see that some countries in the world especially in Africa buy digital asset at a premium, and pay higher fee which is higher than some region. Another problem Fiat based crypto exchange is different and crypto- crypto exchange is also different.

We have built a solution to cover all that, making it easier for people to trade and convert over 200 crypto to crypto , or crypto to fiat, all in one place. also transfer in the exchange is free, from OTC fiat section to the crypto exchange of our exchange, we even do free deposit fee, and our withdrawal fee is lesser than what is currently available in many exchange in the world.

We have exactly combine liquidity of Huobi which is one of the top three crypto to crypto exchange in the world, but we have added easy fiat for African and have open African customers to the rest of the world. With our partnership with Huobi cloud, security is paramount. we are called SaBi, we provide users across the globe to either use our Crypto to crypto or fiat to crypto, we have open a continent to the rest of the world, so customers in other continents can trade with other continents including Africa. All in one place.

What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

To see that government Across Africa welcome blockchain technology and digital currency, and to ensure we have a strong community of women and house wives who are professional traders on SaBi making a living to support there family and the continent at large. So that they can become independent.

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How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

My company has been at the fore front of positive awareness with the government and community across Africa and beyond, a simple google search of my name Lucky Uwakwe will show quite a lot, but as a company we continue to create a cooperate awareness with institution making our authority responsible for enacting laws that will shape the future of Blockchain in our continent.

Tell us about your project team? How did you come about the team? How do you inspire them to give their best?

I actually don’t inspire my team, my team inspire me. They are the best brain out there, why tell the best what to do? Rather they inspire me and we work towards a common goal. Currently my team have been one of the best to work with in one project, my project team members are from or based in China, Canada, Singerpore, Japan , Nigeria and Taiwan.

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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.